OIL

Echidna well to spud next week

THE Hunt Rig has arrived at the Echidna High drill site in onshore Gippsland, Victoria, Lakes Oil has announced. Rigging up will take several days and the well is due to spud late next week.

Echidna well to spud next week

The well is programmed to be drilled to a depth of 1500 metres. The Echidna structure is a look-a-like to the nearby Wombat structure already drilled by lakes. The Strzelecki Formation expected at 920 metres is the main target but the Latrobe Formation above this remains a potential secondary target.

The Echidna High well is located in PEP 157. An overriding royalty of 5% of the wellhead value of any hydrocarbon production is payable to Roma Petroleum NL, a former permit holder.

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